Malaysia – Resorts World Genting could be closed for another three monthsBy Phil - 17 August 2021
Resorts World Genting, the mountaintop Malaysian casino will stay shut for another quarter of a year with Maybank Investment Bank earmarking a November reopening when the national vaccination level reaches 80 per cent.
Maybank IB analyst Samuel Yin Shao Yang believes it will take another three months for the vaccination levels to reach that point. If this is the case it would mean that the casino would have been shut for five months, having started its current lockdown on June 1. He has slashed expected attendance levels from 8.5m to 5m with the company’s loss widening to 52 per cent for the year.
Mr. Yin said: “Our investment thesis of Covid-19 vaccination led recovery remains intact as Malaysia is expected to achieve herd immunity by October 2021 as COVID-19 vaccinations have surged to more than 400,000 per day. At this rate, the government expects Malaysia to achieve herd immunity by October 2021. Thus, we hope that Malaysians will return to RWG in droves after that.”
He believes that Genting SkyWorlds theme park would open soon after in December with a return to profit in 2022.